Royal Group Co. Ltd. said its fourth-quarter normalized net income was 6 fen per share, an increase of 54.4% from 4 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 50.4 million yuan, an increase of 71.8% from 29.4 million yuan in the year-earlier period.

The normalized profit margin fell to 6.8% from 8.7% in the year-earlier period.

Total revenue rose 89.5% on an annual basis to 637.2 million yuan from 336.3 million yuan, and total operating expenses rose 83.1% year over year to 524.2 million yuan from 286.2 million yuan.

Reported net income grew on an annual basis to 109.4 million yuan, or 13 fen per share, from 42.5 million yuan, or 6 fen per share.

For the year, the company's normalized net income totaled 12 fen per share, an increase of 33.6% from 9 fen per share in the prior year.

Normalized net income was 96.6 million yuan, a gain of 75.3% from 55.1 million yuan in the prior year.

Full-year total revenue increased 49.1% from the prior-year period to 1.69 billion yuan from 1.13 billion yuan, and total operating expenses rose 41.4% on an annual basis to 1.44 billion yuan from 1.02 billion yuan.

The company said reported net income increased year over year to 184.6 million yuan, or 23 fen per share, in the full year, from 75.5 million yuan, or 12 fen per share.

As of March 14, US$1 was equivalent to 6.50 yuan.